PayPal Extends Cryptocurrency Service to Luxembourg

PayPal Makes Entry Into Luxembourg
Binance And Coinbase to Follow the Same Path

In what might be its first venture into the European Union, PayPal stated on Wednesday that it will extend its cryptocurrency business to Luxembourg in the following days.

PayPal Makes Entry Into Luxembourg

When the Markets in Crypto Assets (MiCA) rule takes effect, Luxembourg, which has PayPal's EU headquarters, may act as a bridge for the other 26 nations in the union. Theoretically, this regulatory system should grant licenses to businesses established in any member state that allow them to provide services across the entire EU through a procedure known as passporting.

Binance And Coinbase to Follow the Same Path

In recent months, cryptocurrency exchanges Binance and Coinbase have followed this path. Recently, Italian registrations include Nexo and Gemini. The cryptocurrency service was first introduced in the U.S. in 2020. Furthermore, it was expanded to the U.K. last year before being introduced in Luxembourg. When it becomes accessible, users could purchase, keep, and trade bitcoin, Ethereum, litecoin, and bitcoin cash for as little as 1 euro ($1.05).

In response to two inquiries asking if this was the first time the cryptocurrency service had been made accessible in an EU nation, PayPal did not comment.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Cryptocurrency Paypal Markets in Crypto-assets (MiCA) Luxembourg

PayPal Extends Cryptocurrency Service to Luxembourg

Gungun Bhatia

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.